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| 2012 Bankruptcies On Pace to Decline from 2011
104,133 non-commercial filings in May
June 6, 2012
By MortgageDaily.com staff
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Although there was a slight increase in new bankruptcies last month, filings fell compared to a year earlier and are expected to diminish as the year goes on. Bankruptcy filings are on pace to finish the year at 100,000 less than in 2011.
Non-commercial bankruptcy filings totaled 104,133 during May.
Bankruptcies edged up from 103,738 in April after tumbling from a revised 116,487 during March.
The statistics were reported by the American Bankruptcy Institute, which relies on data from Epiq Systems. Alexandria, Va.-based ABI's more than 13,000 members include attorneys, lenders and judges as well as accountants, professors and other bankruptcy professionals.
Non-commercial filings were lower than a year earlier, when there were 116,205 bankruptcies.
From January through May, non-commercial filings amounted to 506,621.
"Expect a continued drop in bankruptcy filing rates as families and businesses reinforce their balance sheets and cut costs," ABI Executive Director Samuel J. Gerdano stated in the report.
Bankruptcies are on pace to finish 2012 at 1.2 million filings, which would be an improvement from the 1.3 million consumer bankruptcies filed in 2011 and the second consecutive annual improvement.
Including commercial filings, new bankruptcies inched up to 109,392 from 108,908 but declined from 122,836 in May 2011.
The year-to-date per-capita rate last month was 4.1 filings for each 1,000 people.
Nevada's 7.2 per-capita rate was the highest of any state. Tennessee followed with a 7.0 rate, then 6.5 in Georgia, 6.1 in Utah and 5.9 in Alabama. |
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